If you own a home and have a growing family, you probably have a lot of stuff. Outside of the things you use every day like your furniture or your car, there are many items you hang onto in cabinets, on shelves and within storage spaces that you haven't touched in years. Even if you haven't used them, these items are probably important to you in a sentimental or emotional way. Their presence supports your existence intrinsically even if they aren't always practical.
Thinking about your death isn't easy. Drafting a will is another difficult task that many Americans put off. According to the AARP, 41 percent of Baby Boomers do not have a will. Only 29 percent of people under the age of 34 have a will, and it's believed that those without a will don't want to think about their death.
It may be fun to read about celebrities and their latest exploits but, at the end of the day, death is the one great equalizer. Unfortunately, we've read time and again about famous names in the news who've passed on, only to leave a complex mess of assets and debts for those they've left behind.
The death of a loved one can be stressful, even emotionally devastating. When faced with such a loss, many of us would like to hide away and privately process the grief, yet there is often much to be done.
No one likes to ponder their own demise, but a worse scenario is thinking about all of the things that could go wrong with the distribution of your assets should you fail to make your wishes clear. Too often, the wrong family members step in and try to claim "close" relationships and rights to an inheritance that you might have never dreamed to come into play.
Preserving your wealth and keeping money in your family should be part of your estate planning strategy. Fortunately, there are several ways you can create those kinds of results. That can help you provide a financial legacy for your children and other family members, along with offering you a lot of peace of mind.
Estate planning used to mean having your financial affairs in order so that those left behind would be taken care of or not burdened when you are gone. It still does, but now that we have so much personal and financial information stored on our computers and on the internet, this practice has evolved to include addressing digital assets as well.
Updating your will is not at the top of your to-do list after you have already drafted a will to protect your family and loved ones. While this is certainly understandable, your life did not stand still the moment you signed that document. It is important to update your will on a regular basis because a lot can change even in a year that might make parts of your will obsolete.
We all know how important it is to have a will, but do you know what to do if you are named as an executor of someone's will? The executor of a will is legally responsible for the management of the deceased's financial obligations.
Planning for the future is hard, especially when you have to think about what will happen to your family after you pass away. Most people know the importance of having a will in their estate plan, but did you know it is sometimes just as important to include a trust?